GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.5536 – 44.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made between 8am and 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.5536 and 1.5544.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5590 and leave the remainder of the position to ride.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at about 1.5470.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5530 and leave the remainder of the position to ride.
Long Trade 3
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5414.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5530 and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.5610.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5555 and leave the remainder of the position to ride.
Short Trade2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.5665 and 1.5690.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5610 and leave the remainder of the position to ride
GBP/USD Analysis
The chart below shows that the price of this pair has been consolidating to form a very clearly defined narrowing triangle for about three months now. This is not an uncommon development during the summer months, however it is also driven by the fact that the two component currencies of this pair have both been the strongest currencies, relatively speaking, so each has been unable to make much headway against the other.
This shows no immediate sign of being about to change, but some kind of breakout from this narrowing point is quite possible, so getting a good entry at some level could be a trade to hold onto for a while.
There is nothing due today regarding either the GBP or the USD.